Newport Beach, Calif. – Pulte Homes has agreed to a 13,798-square-foot, 78-month lease with Bixby Land Company, taking the majority of the fourth floor at CERRO, a professional office building at 27401 Los Altos in Mission Viejo, Calif. that was completed by Bixby earlier this year.
Pulte Homes, who is relocating within the immediate area, plans to take occupancy January 2018. CBRE’s Justin Hill and Simon Dillon represented Bixby in the transaction, although lease terms were not disclosed.
“We recognized when we acquired this property that there was an undersupply of office space for professional service tenants seeking a high identity location in the immediate market,” said Aaron Hill, executive vice president and chief operating officer at Bixby Land Company. “Having finished a significant redesign of the project, we anticipated CERRO would be well received by tenants in the area.”
Three additional transactions bring recent leasing activity at CERRO to more than 21,000 square feet. Amur Equipment Finance leased 3,322 square feet, represented by Jordan De Meis of Southwest Commercial Real Estate, while Bay Equity leased 2,475 square feet and was represented by Matt Fryer of Lee & Associates. Also, Eureka Capital Partners leased 1,823 square feet, as represented by Tom Gibson of Gibson Company.
Bixby and IA Interior Architects redesigned the four-story CERRO with a high-volume entryway and new lobby, plus common area upgrades throughout the building. The Bixby Retreat, an outdoor living room and gathering area, welcomes guests upon entry. The building has also been improved with new elevator systems and undergone major landscaping upgrades.
Bixby is nearing the completion of its investment strategy for CERRO, which is now 93 percent leased. The project will deliver a 4,049 square-foot spec suite on the fourth floor this fall, and has another suite with 972 square feet available.